Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

Summary of Computation of Basic and Diluted Earnings Per Share

The following table shows computation of basic and diluted earnings per share.

	Three Months Ended				Nine Months Ended
	September 30				September 30
	2022		2021		2022		2021
Basic earnings per share
Net income	$	23,821	$	23,071	$	72,243	$	65,666
Weighted average common shares outstanding	43,573,370		43,810,729		43,567,028		43,893,194
Basic earnings per share	$	0.55	$	0.53	$	1.66	$	1.50
Diluted earnings per share
Net income	$	23,821	$	23,071	$	72,243	$	65,666
Weighted average common shares outstanding	43,573,370		43,810,729		43,567,028		43,893,194
Effect of dilutive securities:
Restricted stock	92,405		99,666		92,718		102,446
Stock options	38,018		48,475		39,289		51,403
Weighted average common shares outstanding	43,703,793		43,958,870		43,699,035		44,047,043
Diluted earnings per share	$	0.55	$	0.52	$	1.65	$	1.49

Schedule of Error Corrections and Prior Period Adjustments

The following tables present the revisions to the line items of our previously issued financial statements to reflect the correction of the errors:

Consolidated Balance Sheet
As of December 31, 2021	As Reported		Adjustment		As Revised
Loans, net of allowance for credit losses	$	3,553,345	$	36,986	$	3,590,331
Total assets	7,374,903		36,986		7,411,889
Borrowings	675,753		36,986		712,739
Total liabilities	6,651,694		36,986		6,688,680
Total liabilities and stockholders' equity	7,374,903		36,986		7,411,889

Consolidated Statements of Cash Flows
Nine Months Ended September 30, 2021	As Reported		Adjustment		As Revised
Net change in loans	$	412,873	$	(2,156)	$	410,717
Net cash provided by investing activities	(138,780)		(2,156)		(140,936)
Proceeds from borrowings	225,375		2,156		227,531
Net cash provided by financing activities	772,067		2,156		774,223
Net Change in Cash and Cash Equivalents	54,460		—		54,460

The following tables present the revisions to the line items of our previously issued financial statements to reflect the correction of the errors:

Note 3 – Securities
As of December 31, 2021	Amortized Cost
	As Reported		Adjustment	As Revised
Federal agency mortgage–backed pools	$	225,329	31,856	257,185
Private labeled mortgage–backed pools	31,856		(31,856)	—
Total available for sale investment securities	$	257,185	—	257,185
Federal agency mortgage–backed pools	$	188,426	59,511	247,937
Private labeled mortgage–backed pools	99,958		(59,511)	40,447
Total held to maturity investment securities	$	288,384	—	288,384
	Gross Unrealized Gains
	As Reported		Adjustment	As Revised
Federal agency mortgage–backed pools	$	1,777	137	1,914
Private labeled mortgage–backed pools	137		(137)	—
Total available for sale investment securities	$	1,914	—	1,914
Federal agency mortgage–backed pools	$	151	58	209
Private labeled mortgage–backed pools	58		(58)	—
Total held to maturity investment securities	$	209	—	209
	Gross Unrealized Losses
	As Reported		Adjustment	As Revised
Federal agency mortgage–backed pools	$	(1,032)	(376)	(1,408)
Private labeled mortgage–backed pools	(376)		376	—
Total available for sale investment securities	$	(1,408)	—	(1,408)
Federal agency mortgage–backed pools	$	(2,612)	(1,398)	(4,010)
Private labeled mortgage–backed pools	(1,840)		1,398	(442)
Total held to maturity investment securities	$	(4,452)	—	(4,452)
	Fair Value
	As Reported		Adjustment	As Revised
Federal agency mortgage–backed pools	$	226,074	31,617	257,691
Private labeled mortgage–backed pools	31,617		(31,617)	—
Total available for sale investment securities	$	257,691	—	257,691
Federal agency mortgage–backed pools	$	185,965	58,171	244,136
Private labeled mortgage–backed pools	98,176		(58,171)	40,005
Total held to maturity investment securities	$	284,141	—	284,141